Britons are scared to commit to investment strategies when planning for retirement

Auto-enrolment has increased the number of people saving but the number options is flummoxing people (Source: Getty)

Oliver Gill

Too much choice is seriously undermining the nation’s confidence when it comes to planning for retirement, according to a new study.

Nearly half of people do not have courage in their own convictions to make a final decision on their pension, researchers found, while 43 per cent continue to have doubts after they have choose a strategy.

The research of almost 2,000 people by Willis Towers Watson and Nottingham University Business School suggests that there is a danger of the UK workers falling into “pension paralysis”.

“Instead of encouraging people to save more, increased choice seems to have created a decision roadblock,” said Minh Tran of Willis Towers Watson.

The crisis of confidence is further compounded by lower for longer interest rates – a concern for 48 per cent of those surveyed.

“The pensions dashboard will become a vital tool to help consumers, and their advisers, manage their pension pots. It will provide, arguably for the first time, a comprehensive and clear picture of a saver’s current financial position, which will help them to create a realistic plan for their retirement,” said Fiona Tait of Royal London, one of the groups signed up to the pilot.